Jacobs Engineering Group Inc. said late Tuesday it received a support contract from the Navy worth up to $43.8 million.

Under the contract, the Pasadena engineering and construction company will continue to support threat simulation projects for the Navy’s Airborne Threat Simulation Organization at the Naval Air Station Point Mugu in Ventura County, which the company has done for 12 years. The deal has a one-year base period and four one-year options.

However, Jacobs shares were down $3.05, or 7 percent, to $41.10 in morning trading on the New York Stock Exchange. BMO Capital Markets downgraded the company shares to “underperform” from “market perform”.